The bulls seemed to have returned to the markets at least temporarily as Wednesday posted our third straight session of gains, albeit small gains. Wednesday’s day got catapulted by a decent round of earnings and a gap up at the opening bell. After a quick gap fade move, the markets rallied for the rest of the day and closed at the highs.
Now for the bad news. The recent push up still resembles bear-flag like consolidations, so I would still be prepared for a move lower shortly and a possible test of the January lows. In fact, I might look for some weakness today . A gap up would be an inviting fade opportunity or an early rally could spark an afternoon reversal move, so watch for those setups.
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